Company registration number: 10136126 Charity registration number: 1167608
## **The London Musical Theatre Orchestra**
(A company limited by guarantee)
**Annual Report and Financial Statements**
**For the Year Ended 30 April 2023**
HMA Accountancy Services 12 Killasser Court Station Approach Tadworth Surrey KT20 5AN
## **The London Musical Theatre Orchestra**
## **Contents**
|Reference and Administrative Details
Trustees’ Report
Independent Examiner’s Report
Statement of Financial Activities
Balance Sheet
Notes to the Financial Statements|Page
1
2-5
6
7
8
9-15|
|---|---|
## **The London Musical Theatre Orchestra Reference and Administrative Details**
|Charity name:|The London Musical Theatre Orchestra|
|---|---|
|Charity registration number:|1167608|
|Company registration number:|10136126|
|Principal business office:|85 Great Portland Street|
||First Floor|
||London|
||W1W 7LT|
|Registered office:|85 Great Portland Street|
||First Floor|
||London|
||W1W 7LT|
|Trustees:|Carolyn Anderson (appointed 1 February 2023)|
||Lucien Bowman|
||Francesca Canty|
||Jeremy Stuart-Smith|
||Nicholas Rory Tapner (resigned 7 December 2023)|
||Maya Prabhu (resigned 9 May 2023)|
||Sarah Wyse (resigned 9 May 2023)|
|Accountant|HMA Accountancy Services|
||12 Killasser Court|
||Station Approach|
||Surrey|
||KT20 5AN|
|Bankers:|Coutts & Co.|
||440 The Strand|
||London|
||WC2R 0QS|
|Solicitors:|Harbottle & Lewis|
||14 Hanover Square|
||Mayfair|
||London|
||W1S 1HP|
**1**
## **The London Musical Theatre Orchestra**
## **Trustees’ Report**
The trustees present their report and the financial statements for the year ended 30 April 2023.
## **Objectives and Activities**
With the Covid-19 pandemic fading, in the year under review, LMTO was able to achieve its objective: to advance, develop, improve and maintain public appreciation of the art of the musical theatre for the public benefit through the presentation of a diverse programme of public concerts of musical theatre repertoire of artistic merit.
LMTO performed live 11 times (2022: 4) to a total audience of 35,000 (2022: 5,000), was featured on 1 radio broadcast (2022: 1), 2 television broadcasts (2022: 0), recorded and released 1 album and recorded several other projects for future release. The orchestra accumulated 580,000 streams on albums (2022: 390,000) during the year.
## **Achievements and Performance**
## _The Orchestra_
LMTO emerged strongly from the pandemic in the year under review. While we didn’t financially self-produce any shows (as in the previous year), as an organisation LMTO executive produced Chess, Kinky Boots and Treason at the Theatre Royal Drury Lane in partnership with Carter Dixon McGill Productions, Piers Cottee-Jones Entertainment and Katy Galloway Productions. The orchestra performed for all of those concerts, and Chess and Treason were both nominated for Best Concert at the What’s On Stage Awards.
Other highlights included recording the score for Channel 4 & Hat Trick Productions’ comedy Prince Andrew: The Musical, accompanying stars such as Michael Ball, Alfie Boe and Luke Evans for Scala Radio Christmas Live, and being the orchestra of choice for Broadway legend Audra McDonald’s TV special, recorded live at the London Palladium.
## _Musician Development – Sitz and Dev Scheme_
Thanks to a generous donation from the Sandy & Zorica Glen Charitable Settlement, LMTO has completely revamped and redesigned our musician development programme. Young professionals, ‘devs’, are now auditioned, placed in a formal mentor/mentee relationship with a member of LMTO, and given direct guidance and opportunities as part of a year long programme. Devs are guaranteed to play for at least one LMTO performance. For the year under review, there were 19 devs. The new scheme has proven to be a success: this cohort is the most successful cohort since LMTO’s founding, with most having deputised on a West End musical during the year of the scheme.
LMTO continued to run Sitzes, our monthly private rehearsal of a whole musical. LMTO ran 12 Sitzes (2022: 9 due to Covid-19) during the year under review with a total of 1600 participants. As a further offering for singers, we started Sitz Weekly in February 2023: a weekly evening event to improve ensemble singing and sightreading.
As part of our support for young professionals, LMTO ran 10 workshops across the year under review. Six of these were live practical sessions, ranging from string sectionals and Big Band rehearsals to instrumental masterclasses and skills for working with children. Four were online lectures covering orchestration, keyboard skills, MD skills and tax for the self-employed.
**2**
## **The London Musical Theatre Orchestra**
## **Trustees’ Report (cont’d)**
## _Schools Programme – LMTO Upbeat_
The year under review was the second year of LMTO Upbeat. With support from National Lottery Funding from Arts Council England and The Sandy and Zorica Glen Charitable Settlement, LMTO Upbeat transformed 90 students (2022: 45 students) aged 12-15 years old with no prior musical experience into concert performers in the space of 8 weeks.
## _London Musical Theatre Chorus_
To support the London Musical Theatre Orchestra in its performances, the London Musical Theatre Chorus (LMTC) was established. Modelled on the successes of the likes of the London Symphony Chorus and the Hallé Choir, LMTC is an auditioned amateur chorus. LMTC performed alongside LMTO for both Chess and Kinky Boots.
## **Fundraising**
LMTO raised just under £20,000 in philanthropic funding (2022: £190,000).
LMTO observes and complies with the relevant fundraising regulations and codes. During the year there was no non-compliance of these regulations and codes and the LMTO received no complaints relating to its fundraising practice.
## **Financial Review**
For the year end 30 April 2023 the charity achieved net expenditure of £52,168 (2022: net income £143,999) and the charity now has accumulated reserves of £104,697 (2022: £156,865).
## **Reserves Policy and Going Concern**
The trustees consider that there are no material uncertainties about the charitable company’s ability to continue as a going concern.
## **Structure and Governance**
LMTO is a registered charitable company limited by guarantee and its business is governed by the Charities Act 2011 and its memorandum and Articles of Association.
Each Trustee is also a member and Director of the company and is not remunerated. The full Board meets at least four times a year while the day-to-day management is carried out by the management team. The Trustees are responsible for the approval of strategic and financial plans for the company, appointment of the executive management and monitoring of performance, approval of senior management remuneration and governance.
The management team is responsible for the development and implementation of strategic, artistic and financial plans and all operational aspects of the company.
**3**
## **The London Musical Theatre Orchestra**
## **Trustees’ Report (cont’d)**
## **Statement of Responsibilities of the Trustees**
The trustees (who are also directors of LMTO for the purposes of company law) are responsible for preparing the Trustees’ Report and the Financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company Law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:
- Select suitable accounting policies and then apply them consistently
- Observe the methods and principles in the Charities SORP
- Make judgements and estimates that are reasonable and prudent
- State whether applicable UK Accounting Standards and Statements of Recommended Practice have been followed, subject to any material departures disclosed and explained in the financial statements
- Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
## **Equal Opportunities**
LMTO is committed to a policy of equal opportunity in all aspects of its employment practices.
## **Public Benefit**
The trustees confirm that they have complied with the requirements of section 4 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.
**4**
## **The London Musical Theatre Orchestra**
**Trustees’ Report (cont’d)**
## **Small Company Provision**
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
Approved by the Board on …………….2024 and signed on its behalf by: 9 January
…………………………………..
## FRANCESCA CANTY
Director
**5**
## **Independent Examiner’s report to the Trustees of**
## **The London Musical Theatre Orchestra**
I report on the accounts of the charity for the year ended 30 April 2023 which are set out on pages 7 to 15.
## **Respective responsibilities of trustees and examiner**
The trustees (who are also the directors of the company for the purposes of company law) are responsible for the preparation of the accounts. The trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.
Having satisfied myself that the charity is not subject to audit under company law and is eligible for independent examination, it is my responsibility to:
- examine the accounts under section 145 of the 2011 Act;
- to follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and
- to state whether particular matters have come to my attention.
## **Basis of independent examiner’s report**
My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the statement below.
## **Independent examiner's statement**
In connection with my examination, no matter has come to my attention:
(1) which gives me reasonable cause to believe that in any material respect the requirements:
- to keep accounting records in accordance with section 386 of the Companies Act 2006; and
- to prepare accounts which accord with the accounting records, comply with the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the Statement of Recommended Practice: Accounting and Reporting by Charities
have not been met; or
(2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
9 January 2024
**…………………………..**
Helen M Ainsworth BSc FCA Chartered Accountant HMA Accountancy services 12 Killasser Court Station Approach Tadworth KT20 5AN
**6**
## **The London Musical Theatre Orchestra**
## **Statement of Financial Activities (incorporating income and Expenditure Account) For the year ended 30 April 2023**
|**Note**
**Incoming resources**
Donations and Grants
**2**
Charitable activities
**3**
**Total incoming resources**
**Resources expended**
**Expenditure on:**
Charitable activities
**4**
**Total resources expended**
**Net incoming (outgoing)**
**resources and net**
**movement in funds for the**
**year**
**Reconciliation of funds**
Funds brought forward
**Total funds carried**
**forward**
**10,11**|**Unrestricted**
**Restricted**
**Total**
**Total**
**Funds**
**Funds**
**2023**
**2022**
**£**
**£**
**£**
**£**
2,047
16,230
18,277
196,243
295,506
-
295,506
115,812|
|---|---|
||297,553
16,230
313,783
312,055|
||293,482
72,469
365,951
168,056|
||293,482
72,469
365,951
168,056|
||**4,071**
**(56,239)**
**(52,168)**
**143,999**
3,648
153,217
156,865
12,866|
||**7,719**
**96,978**
**104,697 **
**156,865**|
**7**
## **The London Musical Theatre Orchestra**
## **Balance Sheet**
## **As at 30 April 2023**
|**Note**
**Tangible fixed assets**
**7**
**Current assets**
Debtors
**8**
Cash at bank and in hand
**Creditors: Amounts falling due**
**within one year**
**9**
**Net current assets**
**Net assets**
**Funds of the charity**
**Unrestricted funds**
**Restricted funds**
**Total funds**
**10,11**|**Total funds**
**Total funds**
**2023**
**2022**
**£**
**£**
2,394
2,832|
|---|---|
||12,572
1,586
118,917
180,917|
||131,489
182,503
(29,186)
(28,470)|
||102,303
154,033|
||104,697
156,865|
||7,719
3,648
96,978
153,217|
||104,697
156,865|
For the year ended 30 April 2023, the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the charity to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements are prepared in accordance with the special provisions of Part 15 of the Companies Act relating to small companies and constitute the annual accounts required by the Companies Act 2006 and are for circulation to members of the company.
The notes at pages 9 to 15 form part of these accounts.
Approved and authorised for issue by the Board of Trustees on……………………2024 and are 9 January signed on their behalf by
……………………………………
## FRANCESCA CANTY
Director
**8**
## **The London Musical Theatre Orchestra**
## **Notes to the Financial Statements**
## **For the year ended 30 April 2023**
## **1 Accounting policies**
The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:
## **Basis of preparation**
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (second edition effective 1 January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
The London Musical Theatre Orchestra meets the definition of a public benefit entity under FRS102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note.
## **Going concern**
The Trustees consider that it is appropriate to treat the charity as a going concern and the financial statements have been prepared on this basis.
## **Income and endowments**
Income including income from concerts and donations and is recognised in the period in which it is earned. All income relates to activities taking place in the UK.
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants received. Where a grant does not specify performance condition it is recognised in income when the proceeds are received or receivable.
## **Resources expended**
All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Expenditure is classified under the following activity headings:
- Costs of generating funds are the costs associated with attracting voluntary income;
- Expenditure on charitable activities includes the costs of delivering the activity undertaken to further the purposes of the charity and their associated support costs.
## **Fund accounting**
Unrestricted income funds are general funds that are available for use at the trustees’ discretion in furtherance of the objectives of the charity. Restricted funds are donations and grants which the donor has specified are to be solely used for particular areas of the Charity’s work or for specific projects being undertaken by the Charity.
**9**
## **The London Musical Theatre Orchestra**
## **Notes to the Financial Statements (cont’d)**
## **For the year ended 30 April 2023**
## **Fixed assets and depreciation**
Fixed assets are recorded at cost. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost of each asset, less their residual values, over its expected useful life as follows:
Equipment - 20% straight line
## **Pension scheme**
The charity operates a defined contribution pension scheme. Contributions to the scheme are charged to the Statement of Financial Activities in the accounting period to which they relate.
## **2 Donations and grants**
|Donations
Arts Council Grants
Donations
Arts Council Grants|**Unrestricted**
**funds**
**2023**
**Restricted**
**funds**
**Total**
**£**
**£**
**£**
2,047
3,241
5,288
-
12,989
12,989|
|---|---|
||2,047
16,230
18,277|
||**2022**
**Unrestricted**
**funds**
**Restricted**
**fund**
**Total**
£
£
£
25,193
155,750
180,943
5,000
10,300
15,300|
||30,193
166,050
196,243|
**10**
## **The London Musical Theatre Orchestra**
## **Notes to the Financial Statements (cont’d)**
## **For the year ended 30 April 2023**
## **3 Income from charitable activities**
|Tickets, hires and event
income
Tickets, hires and event
income|**Unrestricted**
**funds**
**2023**
**Restricted**
**funds**
**Total**
**£**
**£**
**£**
295,506
-
295,506|
|---|---|
||**2022**
**Unrestricted**
**funds**
**Restricted**
**funds**
**Total**
**£**
**£**
**£**
115,812
-
115,812|
## **4 Expenditure on charitable activities**
|Cost of productions
Musicians, production and
support personnel fees
Insurance
Computer software and
maintenance costs
Printing, postage and
stationery
Travel and subsistence
Advertising and promotion
Accountancy
Charitable donations
Depreciation
General expenses|**Unrestricted**
**funds**
**2023**
**Restricted**
**funds**
**Total**
**£**
**£**
**£**
40,580
21,108
61,688
236,579
51,011
287,590
1,385
-
1,385
1,923
-
1,923
2,468
-
2,468
1,454
-
1,454
5,445
-
5,445
1,050
-
1,050
200
-
200
987
-
987
1,411
350
1,761|
|---|---|
||293,482
72,469
365,951|
**11**
**Notes to the Financial Statements (cont’d)**
## **The London Musical Theatre Orchestra**
## **For the year ended 30 April 2023**
## **4 Expenditure on charitable activities (cont’d)**
|Cost of productions
Musicians, production and
support personnel fees
Insurance
Computer software and
maintenance costs
Printing, postage and
stationery
Travel and subsistence
Advertising and promotion
Accountancy
Depreciation
General expenses|**Unrestricted**
**funds**
**2022**
**Restricted**
**funds**
**Total**
**£**
**£**
**£**
36,692
2,643
39,335
107,729
9,970
117,699
533
-
533
3,842
-
3,842
758
-
758
266
-
266
1,687
-
1,687
550
-
550
877
-
877
2,509
-
2,509|
|---|---|
||155,443
12,613
168,056|
## **5 Staff costs and Trustees’ remuneration**
Included in expenditure on charitable activities are the following staff costs:
|Salaries
Social security costs
Pension costs|**2023**
**2022**
**£**
**£**
22,357
21,900
-
-
893
1,009|
|---|---|
||23,250
22,909|
Fees of £36,445 (2022: £16,500) were paid to the Chief Executive Officer who is the son of Nicholas Rory Tapner, a trustee
No trustees have received any remuneration from the charity during the year. No trustees have received any reimbursed expenses or any other benefits from the charity during the year.
**12**
## **The London Musical Theatre Orchestra**
## **Notes to the Financial Statements (cont’d)**
## **For the year ended 30 April 2023**
## **6 Taxation**
The company is a registered charity and as such its income and gains falling within Sections 471 to 489 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992 are exempt from corporation tax to the extent that they are applied to its charitable objectives.
## **7 Tangible Fixed Assets**
|**Cost**
As at 1 May 2022
Additions in year
As at 30 April 2023
**Depreciation**
As at 1 May 2022
Charge for the year
As at 30 April 2023
**Net Book Value**
As at 30 April 2023
As at 30 April 2022
**8**
**Debtors**
Other debtors
Other tax and social security
**9**
**Creditors: amounts falling due within one year**
Other tax and social security
Other creditors
Accruals|**2023**
**£**
12,572
-|**Equipment**
**£**
4,387
549|
|---|---|---|
|||4,936|
|||1,555
987|
|||2,542|
|||2,394|
|||2,832|
|||**2022**
**£**
962
624|
||12,572|1,586|
||**2023**
**£**
2,655
25,981
550|**2022**
**£**
382
27,538
550|
||29,186|28,470|
**13**
## **The London Musical Theatre Orchestra**
## **Notes to the Financial Statements (cont’d)**
## **For the year ended 30 April 2023**
## **10 Reconciliation of movement on funds**
|**Unrestricted funds**
General
**Restricted funds**|**Balance at**
**1 May 2022**
**Incoming**
**resources**
**Expended**
**resources**
**Balance at**
**30 April**
**2023**
**£**
**£**
**£**
**£**
3,648
297,553
(293,482)
7,719
153,217
16,230
(72,469)
96,978|
|---|---|
||156,865
313,783
(365,951)
104,697|
## **11 Analysis of net assets between funds**
|Fixed assets
Current assets
Current liabilities
Net assets at 30 April 2023
Fixed assets
Current assets
Current liabilities
Net assets at 30 April 2022|**General**
**fund**
**Restricted**
**fund**
**Total**
**funds**
**£**
**£**
**£**
2,394
-
2,394
31,972
99,517
131,489
(26,647)
(2,539)
(29,186)|
|---|---|
||7,719
96,978
104,697|
||**General**
**fund**
**Restricted**
**fund**
**Total funds**
**£**
**£**
**£**
2,832
-
2,832
29,286
153,217
182,503
(28,470)
-
(28,470)|
||3,648
153,217
156,865|
## **12 Members’ liability**
The London Musical Theatre Orchestra, a registered charity, is a company limited by guarantee not having a share capital. Each of the members is liable to contribute an amount not exceeding £nil towards the assets of the company in the event of its winding up.
**14**
## **The London Musical Theatre Orchestra**
## **Notes to the Financial Statements (cont’d)**
## **For the year ended 30 April 2023**
## **14 Related party transactions**
During the year costs of £2,050 (2022: £4,163) were incurred for room hire at Bishopsgate Institute. There was no balance outstanding at 30 April 2023 (2022: £nil). Bishopsgate Institute is considered to be a related party as Francesca Canty is a Trustee of The London Musical Theatre Orchestra and the Chief Executive of Bishopsgate Institute.
During the year Nicholas Rory Tapner, a Trustee, advanced an additional loan of £nil (2022: £nil) to the charity. The balance outstanding at 30 April 2023 was £21,708 (2022: £21,708). The loan is interest free and repayable on demand.
**15**